SCHEDULES
F1SCHEDULE 4BTransfers of value by trustees linked with trustee borrowing
Deemed disposal of remaining chargeable assets
10
1
Where in accordance with this Schedule a transfer of value by trustees is treated as linked with trustee borrowing, the trustees are treated for all purposes of this Act—
a
as having at the material time disposed of, and
b
as having immediately reacquired,
the whole or a proportion (see paragraph 11) of each of the chargeable assets that form part of the settled property immediately after the material time (“the remaining chargeable assets”).
2
The deemed disposal and reacquisition shall be taken—
a
to be for a consideration equal to the whole or, as the case may be, a proportion of the market value of each of those assets, and
b
to be under a bargain at arm’s length.
3
For the purposes of sub-paragraph (1) an asset is a chargeable asset if a gain on a disposal of the asset by the trustees at the material time would be a chargeable gain.
Sch. 4B inserted (with effect in accordance with s. 92(5) of the amending Act) by Finance Act 2000 (c. 17), s. 92(2), Sch. 25